Conagra’s purchase of Pinnacle likely finalizes this month
FENNVILLE—The status of the Pinnacle Foods Inc. plant in Fennville remains unclear ahead of the vote planned for shareholders Tuesday, Oct. 23.
They’re being asked to approve Conagra Brands’ acquisition of the corporation, announced in July.
Both sides expect the merger to pass and close by the end of the month.
The proposed $10.9 billion agreement will have Pinnacle Foods shareholders receive $43.11 per share in cash and 0.6494 shares of Conagra Brands common stock for each of their shares of Pinnacle Foods.
Conagra is best known for its brands such as Marie Callender’s frozen meals, Hunt’s, Healthy Choice, Slim Jim and Orville Redenbacher’s.
Pinnacle has annual sales in excess of $3 billion and is known for its Birds Eye, Duncan Hines and Hungry-Man brands.
Based on recent sales figures, combined net sales of both companies reach approximately $11 billion.
Pinnacle has nearly 5,500 employees across the U.S. and Canada; a media contact did not respond to a request to now how many the Fennville location employs.
Pinnacle said will continue to pay its quarterly dividend at the current annual rate of $1.30 per share until the transaction is completed.
The plant has been part of several acquisitions. Pinnacle purchased the former Birds Eye facility at 100 Sherman St. in 2009.
In 2010, The Allegan County News reported that the Fennville location produces approximately 14 million pounds of tart cherries, 3 million pounds of blueberries and 6 million pounds of fresh apples during the “fresh pack” season from July to October.